Timex Promoters Rule Out Further Stake Sale, Parent Firm To Retain Controlling Stake | Exclusive

In its first interview after announcing offer for sale, Deepak Chhabra, Managing Director, of Timex India in an exclusive interview with NDTV Profit said that the promoters have no plans for any further stake sales and that the parent company will continue to retain a controlling stake in the Indian subsidiary.

Addressing concerns around promoter intent, the company said the recent OFS was undertaken primarily to improve liquidity in the stock and to broaden the shareholder base. Importantly, the promoters emphasised that the parent remains fully committed to the India business.

"The funding received from stake sale is intended to be used to acquire global brands/ licensing rights and/or acquisitions, which may ultimately benefit the India subsidiary as well," Chhabra told NDTV Profit.

On the operating front, Timex management remains confident of sustained momentum in its core watches business. The company is optimistic about continuing to gain market share in the Indian watch segment, which is witnessing strong structural growth.

This confidence follows a standout September quarter, when revenue grew 40% year-on-year and Ebitda surged 70%. While management acknowledged that quarter-on-quarter variations are normal, it highlighted that demand across key segments remains robust, supported by a sharp focus on profitable growth, cost discipline and a balanced channel mix.

Looking ahead to 2026, the company refrained from providing formal guidance for compliance reasons but expressed strong conviction in the outlook. Management believes the watches category is growing at a healthy pace and expects Timex to outperform the industry while continuing to expand its market share.

In terms of growth strategy, Timex continues to actively evaluate inorganic opportunities, particularly in the premium and bridge-to-luxury segments. While there are no immediate announcements, the recent launch of Aston Martin watches was cited as a strong example of how the company is enhancing its portfolio through high-credibility global partnerships. Any future brand additions, the Chhabra said, will remain selective and aligned with long-term strategic objectives.

Growth has been particularly strong in the mid-to-premium price band, with retail prices between Rs 5,000 and Rs 12,000, a segment where the Timex brand has seen significant traction. At the same time, premium and luxury brands such as Guess and Versace have also delivered strong growth. Overall, the business has grown threefold over the last four years, reflecting broad-based demand across consumer segments.

E-commerce continues to be a key growth engine for the company. Timex attributed strong online performance to wider digital reach, improved product visibility and rising consumer preference for convenience-led shopping. The company has also expanded into quick commerce through platforms such as Flipkart Minutes, Zepto, Swiggy Instamart and Myntra Now, enabling faster delivery and access to high-intent customers.

On the offline side, Timex currently operates around 40 exclusive stores across its Timex World and Just Watches formats. Exclusive retail is expected to play a central role in the next phase of growth, with plans to significantly scale up the footprint over the next couple of years. In addition, Timex products are available across more than 5,000 multi-brand outlets in over 400 cities, providing deep nationwide reach.